POET Technologies (NASDAQ:POET) Stock Falls 5.8% - Here's What Happened

Key Points

• POET Technologies shares fell 5.8% to about $6.57 in Monday trading, with volume plunging 93% below the average session level.
• Analyst sentiment remains bearish: the stock carries a consensus “Sell” rating and an $8.00 average price target, despite Wall Street Zen upgrading it from “sell” to “hold.”
• The company reported a quarterly loss of $0.07 per share, in line with estimates, and revenue of $0.57 million; its negative net margin and return on equity underscore continued financial challenges.

POET Technologies Inc. (NASDAQ:POET - Get Free Report)'s share price fell 5.8% on Monday. The company traded as low as $6.64 and last traded at $6.5670. 1,450,615 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 20,302,482 shares. The stock had previously closed at $6.97.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on POET. Wall Street Zen raised POET Technologies from a "sell" rating to a "hold" rating in a report on Sunday, October 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of POET Technologies in a report on Friday, July 17th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company has a consensus rating of "Sell" and a consensus target price of $8.00.

POET Technologies Price Performance

The firm's 50 day simple moving average is $7.95 and its 200-day simple moving average is $9.20. The company has a market cap of $997.31 million, a price-to-earnings ratio of -11.16 and a beta of 0.83.

POET Technologies (NASDAQ:POET - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.07) EPS for the quarter, hitting analysts' consensus estimates of ($0.07). POET Technologies had a negative return on equity of 11.65% and a negative net margin of 4,423.13%. The business had revenue of $0.57 million for the quarter, compared to analysts' expectations of $0.50 million. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. On average, analysts forecast that POET Technologies Inc. will post -0.28 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its position in shares of POET Technologies by 46.8% during the first quarter. Royal Bank of Canada now owns 182,682 shares of the company's stock worth $1,085,000 after acquiring an additional 58,214 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of POET Technologies in the 1st quarter valued at $598,000. SummitTX Capital L.P. purchased a new stake in POET Technologies in the 1st quarter valued at $452,000. Headlands Technologies LLC raised its position in POET Technologies by 53.1% in the 2nd quarter. Headlands Technologies LLC now owns 56,776 shares of the company's stock valued at $584,000 after purchasing an additional 19,692 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in POET Technologies by 3,806.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 56,408 shares of the company's stock valued at $357,000 after purchasing an additional 54,964 shares during the last quarter. Hedge funds and other institutional investors own 1.99% of the company's stock.

POET Technologies Company Profile

POET Technologies Inc is a technology company that develops photonic and optoelectronic solutions for communications, data-center and artificial-intelligence applications. Its products are designed to help transmit and process data at high speeds while supporting lower power consumption and more compact system designs.

The company's core technology is the POET Optical Interposer, a semiconductor-based platform that integrates optical and electronic components into a single package. This platform is used to develop optical engines and other solutions for fiber-optic communications, including applications involving data-center interconnects, high-performance computing and telecommunications networks.

POET Technologies works with manufacturing and industry partners to commercialize products based on its optical-interposer technology.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.